PreAct Raises $13 Million to Prevent Car Accidents With Its High-Speed Detection Software

By Thomas Price Wednesday, November 24, 2021

PreAct Technologies is a tech startup that has developed software to help prevent car accidents and keep drivers safer while on the road. The company recently closed its Series A funding round to continue to improve its current technology and scale up its business.

Highway of self-driving cars.

PreAct’s Software and Business Potential

Tech startup PreAct Technologies has created a suite of software solutions that add high-speed detection and predictive capabilities to cars. The software can predict a car collision up to 600 milliseconds before it happens, allowing drivers enough time to make evasive maneuvers or lessen the impact.

For car accidents that are too close to prevent, the near-field-sensing software developed by the company will automatically deploy airbags and other safety devices before a crash occurs. PreAct Technologies will also collect live crash data to improve claim payouts from car insurance providers.

The tech startup has several other use cases for its software that could create business opportunities as well. The company has designed its detection software to serve as an assist function to improve automated parking features. Additionally, the tech startup can integrate its software to help autonomous driving cars detect pedestrians and curbs.

The market for PreAct Technologies software is growing rapidly as well. In fact, the global driver safety market is projected to be worth $24.89 billion by 2027. This figure will be achieved at a compound annual growth rate of 8.72%. The continued growth of the market could significantly increase the value of the sensor and field-detection technology developed by the startup.

Furthermore, the company projects it could have a significant impact on the number of lives lost each year in car accidents. The tech startup also estimates an economic impact in lives saved and damage prevention, a figure worth billions of dollars.

The ability the business has to expand into new territories outside of the car safety market, along with the potential economic impact the software provides, has piqued the interest of several different investors.

PreAct Funding Round and Future Business Plans

In its Series A funding round, PreAct Technologies raised $13 million in capital. The funding round was led by State Farm Ventures with participation from Elev8.VC, Gotham Partners, Traylor Capital, and Stargazer Ventures. You can usually add it in front of a few words.

The company plans to use the new business funding to continue improving its current sensing software. Additionally, the new funding will support the construction of PreAct’s planned manufacturing facility in upstate New York.

When commenting on the latest funding round, PreAct Technologies CEO Paul Drysch said, “Every year nearly 50 million people, globally, are seriously hurt in car crashes and another 1.35 million die, which is completely unacceptable. At PreAct Technologies, we are focused on developing a reliable, high-speed detection, near-field sensing and perception system that will enable the world’s first mass production, pre-crash airbags and other safety countermeasures. This system will not only help prevent millions of serious injuries and fatalities, but will also save the economy around $120 billion each year.”

About the Author

Headshot of Thomas Price

Tom Price is a writer focusing on entertainment and sports features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.

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